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Wolff becomes Mercedes GP boss, acquires stake

Toto Wolff was recently named the Mercedes GP boss. Photo by LAT PHOTOGRAPHIC

Toto Wolff was confirmed Monday as the executive director of the AMG Mercedes GP team.

In addition, both Wolff and fellow Austrian Niki Lauda will become shareholders in the UK-based Formula One operation.

Meanwhile the 41-year-old Wolff will retain his established shareholding in Williams F1 but will no longer be part of the team’s management.

Wolff will, in effect, take up the Norbert Haug role, as he will also oversee DTM and F3 activities on behalf of Mercedes.

“Daimler AG plans to reorganize its Formula 1 activities,” a statement from Mercedes said. “In this context, Daimler has signed a letter of intent with Austrian investor and motorsport manager Toto Wolff, according to which Wolff will acquire a significant minority interest in the Daimler subsidiary Mercedes-Benz Grand Prix Ltd. (MGP) and will also head that company as its executive director.

“Furthermore, Niki Lauda, currently non-executive chairman of MGP, will also acquire a stake in the company. Together with Ross Brawn, Lauda and Wolff will complete the management of the Mercedes-Benz Formula 1 racing team.”

Dr. Dieter Zetsche, Head of Mercedes-Benz Cars and Chairman of the Board of Management of Daimler AG, explained the move further.

“As an entrepreneur, investor and motorsport manager, Toto Wolff has proven that this sport runs in his blood; at the same time, he is also well aware of the economic necessities of the business.

“With Toto Wolff, we have gained for our Formula 1 team not only an experienced motorsport specialist, but also a longstanding enthusiast of the Mercedes-Benz brand. Together with him and Niki Lauda, we will further develop our motorsport activities and guide our Silver Arrows into the next era.”

Wolff also sounded excited.

“Mercedes is one of the most important participants in motorsport worldwide. I am not only a big fan, but also a longstanding friend and enthusiast of the brand. I am looking forward to the challenge and, along with preparing for a successful racing season, also want to focus on the targeted promotion of new talent.

“I am leaving Williams on good terms and I will miss the team and friends I have made there. I’d also like to wish Frank and the whole of Williams the best of luck for the future.”